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Accounting 201: Chapters 1-3

Accounting 201: Chapters 1-3

Exam Hints

=
1)20
Multiple-choice questions @ 2 points each =3D 40 points

a=
)Multiple-choice
questions will be mostly completion style with only a few calculation probl=
ems

b=
)You
should know the definition of financial accounting and the primary users th=
at
it serves

f=
) =
Know
what debits and credits are and whether a debit or a credit increases
(decreases) certain accounts

g=
)Know
how to determine account balances

h=
)Be
able to identify certain financial accounting principles such as the revenue
recognition principle and the matching principle

i=
) =
Know what closing entries do and which accounts are
closed at the end of each period

j=
) =
Know the difference between deferrals and accruals =
and
how each is adjusted at the end of an accounting period

=
2)Short
Problems:

a=
)(20
points)The four generally ac=
cepted
accounting principles (GAAP) financial statements are given for a company w=
ith
some missing information, dates, and figures.You will be required to fill in the
blanks that represent the missing data.

b=
)(30
points)You will be given a l=
ist of
accounts (1-12) and asked to enter the account numbers (only) in the debit =
or
credit column to journalize transactions given after the account numbers.For example, T=
he
business earns appraisal revenue and receives cash for the services.i.e., cash is number 1 and apprais=
al
services is number 8 in the list:The answer would be—Debit (1) and credit (8)

c=
)(10
points) You will be required to journalize two adjusting entries in general
journal form.